Gram [GRAM] experienced a sharp decline on October 23, falling 11.08% in a single trading hour as the token's price dropped from $1.30 to $1.15. Over a 24-hour period, GRAM declined 5.77%.
The price movement marked the first time GRAM fell below the $1.30 support zone that had remained intact since early August. The rapid decline triggered significant liquidations across derivatives markets, with CoinGlass data showing $5.83 million in long liquidations compared to just $240.3k in short liquidations on Friday.
Market Context
GRAM had rallied to $1.74 by late September after breaking above the previous August high of $1.56, which appeared to confirm a bullish trend at the time. The price action occurred as broader market momentum shifted, with buyer activity declining across the sector.
Technical indicators showed signs of weakness prior to the decline. The Accumulation/Distribution indicator reflected reduced buying pressure, while the H4 MACD made a bearish crossover earlier in the week, signaling rising bearish momentum.
Price Levels and Support Zones
The $1.30–$1.35 zone, which had been defended as a demand level for nearly three months, failed to hold. Analysts noted that this former support zone had shifted to act as potential resistance. A bounce toward $1.50–$1.60 could occur if GRAM sustains a recovery above $1.36, though this remains contingent on market conditions.
